Primary Re-bar Dealers cut their Offers by INR 700-1,000/MT

Primary steel producers have kept their Re-bar offers unchanged for Oct'13.  Despite of this, Primary Re-bar dealers had raised their offers on account of good demand for finished product and rumors of price increase by primary steel producers. Primary Re-bar dealers increased their offers by around INR 1,000/MT in first week of Oct'13. But they had to cut their offers by around INR 700-1,000/MT in last week of the month because of downward trend in steel market and lesser chances of increment in steel prices before Diwali.

Secondary Re-bar prices are continuously correcting by around INR 100-300/MT on daily basis.

Re-bar prices dropped by INR 600/MT in Maharashtra in a week's time. 12 mm Re-bar offers are at INR 32,900/MT in Mumbai.

In Northern and Central region of India Re-bar prices have corrected by INR 900/MT W-o-W. Presently 12 mm Re-bar is traded at INR 32,100/MT in Muzaffarnagar and at INR 30,700/MT in Raipur.

In spite of down trend in steel market, India's steel consumption grew by 3.85% to 6.9 MnT in September 2013, against 6.6 MnT in September 2012.